Thermal Imaging Market Poised to $9,998.9 Million by 2020

According to a new market research report “Thermal Imaging Market by Solutions (Hardware, Software, Services), by Applications (Surveillance (Airborne, Maritime, Land), Threat Detection, Veterinary, Automotive & others), by End-Users (Military & Defense & Commercial) - Global Forecast to 2020 ", published by MarketsandMarkets, segments the global market into solutions, applications, end users, and regions along with in-depth analysis and revenue forecasts. It also identifies the drivers, restraints, and opportunities prevalent in the market and provides burning issues along with premium insights for the market.

Thermal imaging is a technique to capture Infrared (IR) energy emitted as heat by objects and create an electronic image based on the information about the temperature differences. The global thermal imaging market has witnessed a significant demand owing to the increasing adoption of related devices across a diverse range of applications. The growth of this market is propelled by the increase in the penetration of devices across the commercial and military sectors.

The continual decrease in prices of thermal cameras is expected to remain the key driver behind the increase in the adoption of thermal imaging technology in the coming years. The price of thermal cameras has been decreasing by 12%–15% per annum for the last 5 years and the trend is expected to continue in the near future, eventually resulting in an increased commercial adoption. Deployment of thermal cameras in applications such as smartphones, automotive, CCTV cameras, and automation are expected to continue being another factor behind the increase in adoption of thermal imaging technology. Services provided by using thermal cameras such as for building diagnostics, tank inspection surveys, radiology and many others are expected to be one among the major opportunistic areas of growth for the start-ups in the near future because of the factors like increasing need, growing awareness and the requirement for lower initial investments.

The development of the micro bolometers and other detector-based technologies has also led to the increasing commercialization of thermal imagers, which in turn has spurred the demand of thermal imaging market. Traditionally, dependent on the United States (U.S.) defense spending, the industry is now losing its dependence in a continual manner and is expected to be driven by commercial applications such as predictive maintenance, automotives, personal vision and others. Despite the decrease in orders from the U.S. defense market because of budget sequestration, the industry is flourishing at a rapid pace because of increase in adoption via horizontal manner.

Further, the market remains to be competitive with the entry of niche players. These players provide hardware thereby increasing their market bargain capability among the large vendors. The major vendors in the thermal imaging market are Flir systems, Danaher Corporation, BAE systems, DRS technologies, Axis communications, Testo AG, and many others.

The report also segments the market by end users: Military and defense and commercial and by region: North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. The detailed analysis of the key industry players have been done to provide the insight on their product and services, strategies, and recent developments associated with the Digital Marketing software market.

MarketsandMarkets forecasts that the global Thermal Imaging market is expected to grow from $7252.0 Million in 2015 to $9998.9 Million by 2020, at a Compound Annual Growth Rate (CAGR) of 6.6%. In the current scenario, North America is expected to be the largest market on the basis of spending and adoption of thermal imaging market

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